3 more warehouses sold

Published: Wednesday, April 24, 2013 at 1:00 a.m.

Last Modified: Tuesday, April 23, 2013 at 8:50 p.m.

NORTH PORT - A subsidiary of US Bank sold three industrial warehouse buildings in North Port out of foreclosure to a Chicago company for $2.05 million -- as warehouse space continues to change hands at bargain prices despite the run-up in residential real estate.

The buyer of the buildings, which total 83,000 square feet, at 1001 and 1050 Corporate Ave. and 2529 Commerce Parkway, was Corporate Ave LLC, a company managed by Francis Beilder III.

The former owner was a Naples company managed by Don Arnold. The company paid $3.9 million for the buildings in January 2006 and ceded them to the bank after losing a $7.1 million foreclosure judgment in October 2010.

The deal comes on the heels of a purchase by David Timmerman, who bought a 1,725-square-foot flex-space office warehouse unit at 103 Triple Diamond Blvd. in Venice from Regions Bank for $62,500.

The Chappell Family Revocable Trust also bought a 10,000-square-foot industrial warehouse unit at 1031 Commerce Blvd. in Sarasota from Regions Bank for $490,000.

Earlier this month, a Belleair Beach company bought a 64,000-square-foot light industrial warehouse on five acres here for $1 million.

<p><em>NORTH PORT</em> - A subsidiary of US Bank sold three industrial warehouse buildings in North Port out of foreclosure to a Chicago company for $2.05 million -- as warehouse space continues to change hands at bargain prices despite the run-up in residential real estate.</p><p>The buyer of the buildings, which total 83,000 square feet, at 1001 and 1050 Corporate Ave. and 2529 Commerce Parkway, was Corporate Ave LLC, a company managed by Francis Beilder III.</p><p>The former owner was a Naples company managed by Don Arnold. The company paid $3.9 million for the buildings in January 2006 and ceded them to the bank after losing a $7.1 million foreclosure judgment in October 2010.</p><p>The deal comes on the heels of a purchase by David Timmerman, who bought a 1,725-square-foot flex-space office warehouse unit at 103 Triple Diamond Blvd. in Venice from Regions Bank for $62,500.</p><p>The Chappell Family Revocable Trust also bought a 10,000-square-foot industrial warehouse unit at 1031 Commerce Blvd. in Sarasota from Regions Bank for $490,000.</p><p>Earlier this month, a Belleair Beach company bought a 64,000-square-foot light industrial warehouse on five acres here for $1 million.</p>